Ordinance 99-86 - Laserfiche WebLink

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Bond Anticipation Note or the Bond, or, if the City shall then be in default, shall explain in writing the nature of such default, the steps being taken by the City to cure such default and the estimated time by which such default will be cured. The City shall also provide the Bank and Bondholder with unaudited financial statements not less often than semiannually. Such unaudited statements shall be delivered to the Bondholder and the Bank within 30 days after the fiscal period covered by such statements. The City shall demonstrate in each annual budget that there are sufficient proceeds of the Bond Security to pay the principal of and interest on the Bond Anticipation Note and the Bond coming due in the fiscal year covered by such annual budget. The City shall provide the Bondholder and the Bank with a copy of its approved annual budget within 30 days after the final adoption thereof and with such other financial information regarding the City as the Bondholder or the Bank may reasonably request. (g) Issuance of the Bond. The City covenants that it will use its best efforts, in compliance with applicable law and the requirements of this Ordinance, to issue the Bond after the maximum principal amount of the Bond Anticipation Note shall have been advanced. SECTION 3.4 REMEDIES OF BANK AND BONDHOLDER. Should the City default in any obligation created by this Ordinance, the Bondholder or the Bank, as the case may be, may, in addition to any remedy set forth in this Ordinance, either at law or in equity, by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted and contained in this Ordinance, and may enforce and compel the performance of all duties required by this Ordinance, or by any applicable statutes to be performed by the City or by any officer thereof. The City hereby agrees with the Bondholder and the Bank that the filing of any bankruptcy or insolvency under any federal or state law by or against the City which is not dismissed with prejudice within 30 days of such filing shall give the Bondholder and the Bank the right to exercise any of the remedies provided to them under this Section 3.4. SECTION 3.5 APPLICATION OF BOND AND BOND ANTICIPATION NOTE PROCEEDS. The proceeds of the Bond Anticipation Note shall be used to provide temporary financing for the costs of the Project, including the payment of costs associated with the issuance of the Bond Anticipation Note. The proceeds of the Bond shall be used to provide permanent financing for the costs of the Project, including the payment of costs associated with the issuance of the Bond and the Bond Anticipation Note. Notwithstanding the foregoing, the first application of proceeds of the Bond shall be made on the date of its issuance for the purpose of retiring the Bond Anticipation Note. SECTION 3.6 DISCHARGE AND SATISFACTION OF BOND AND BOND ANTICIPATION NOTE. The covenants, liens and pledges entered into, created or imposed pursuant to this Ordinance may be fully discharged and satisfied with respect to the Bond or the Bond Anticipation Note in anyone or more of the following ways: (a) by paying in full the principal of and interest on the Bond or the Bond Anticipation Note, as the case may be, when the same shall become due and payable; or 23